Traction for Property in Chennai Observed in 2013

Real estate market in Chennai showed signs of steadiness last year. This year too, the city is expected to maintain this traction. In light of the high-end infrastructural projects, the realty prices can go up in the months to come. A number of sub-markets have already witnessed price appreciation on account of the ongoing Chennai Metro project. The project is deemed to reduce traffic congestion caused by vehicles plying on road. The expected price appreciation in the nearby areas is about 10% and more.

The upward trend for property in Chennai has been observed in and around areas like GST Road, Porur, and Sriperumbudur. Across these, the total number of inquiries went all the way up. Conversation rates in these localities also witnessed a significant improvement. On the other hand, places like Oragadam and Old Madras Road(OMR) have not seen any major change in number of transactions. The realty market of the city is largely end-user driven, still, there was a good increase in the number of short-term investments in 2013. 

In Central Chennai demand for residential spaces outstripped supply. In Central Chennai particularly, the demand market has performed well. Still, there are localities like GST, Oragadam, and OMR where the number of unused inventories is quiet high on account of lack of demand. The overall transactions for apartments for rent in Chennai improved last year.

In South Chennai, traction has been observed in some parts like Thoraipakkam, Perungudi, and Perumbakkam. Over Perumbakkam, a number of mid and high-end realty projects have been launched. Velachery, an area with a strategic location and super-connectivity, has seen price appreciation in last several months. With the construction of several integrated projects , Semnnachery has performed quiet well.